CM Communications Plans to Go Public

CM Communications announced that it would go public with a sale of 1 million common shares and hope to raise as much as $3.6 million.

The Panorama City distributor of cellular telephone equipment said in a filing with the federal Securities and Exchange Commission that it would use “a substantial portion” of the proceeds from the offering to finance a new subsidiary that will import cellular communications equipment.

CM said that after the offering, officers and directors of the firm would own about 27% of the shares. CM reported a loss of $500,000 on sales of $11.3 million for the nine months ended September 30, 1988, the last period for which it produced audited financial information.